Amazon to close on Whole Foods buyout Monday

Amazon to close on Whole Foods buyout Monday: Monica Malpass reports during Action News at 4 p.m. on August 24, 2017. (WPVI)

AP

Thursday, August 24, 2017

NEW YORK --

Amazon will close its $13.7 billion buyout of Whole Foods Market Inc. on Monday and plans to cut prices on grocery staples.

Starting Monday, Whole Foods will offer lower prices on staples including bananas, eggs, salmon, beef, and other products. Looking ahead, the Seattle company hopes to give Amazon Prime members special savings and other in-store benefits.

Also, certain Whole Foods products will be available through Amazon.com, AmazonFresh, Prime Pantry and Prime Now.

Whole Foods shareholders approved the deal Wednesday, and the Federal Trade Commission said it would not block the deal. Amazon.com Inc. will pay Whole Foods shareholders $42 per share, marking an 18 percent premium from its stock price the day before the tie-up was announced on June 16.